Over the past few years (maybe decades), oil and gasoline prices have risen dramatically, fallen substantially, risen again, fallen precipitously, and (maybe) stabilized. In your view, what are the most important demand and supply factors that have contributed to these price changes? What are some of the short-run issues created by very high or very low oil and gas prices? How are consumers and firms responding? Are the longer-run responses to high (low) oil and gas prices different than the short run? How are long-run responses to high (low) oil and gas prices like to affect these markets?

Try to support your views with research/data/expert opinion if possible. Be sure to include sources for any information or ideas that you draw on.

Please provide references